In 2024, to buy a house or any real estate is a real challenge for the French. In fact, households are faced with very high pricesconstantly increasing and with many financial prerequisites (including a gross annual minimum salary), necessary to be able to borrow money.
However, the real estate prices vary enormously depending on the region, with very significant differences between large metropolises and more rural areas. These gaps can allow certain households to realize their dream to buy a house.
Buying a house: the dream of many French people
Buying a house in France presents several advantages. Among them, long-term financial stability, the freedom to personalize your property, or even residential security. But if become an owner is the dream of many French people, it is also a great challenge. Indeed, real estate prices have been increasing significantly in France for several years and can shatter the dreams of many households.
Indeed, real estate market prices in France are experiencing a continuous increase, reflecting a increase in demand and a drop in supply. This increase in demand can be explained in particular by the increase in mobility of the French and the arrival of numerous investors, which leads to a shortage of housing in certain regions and therefore, a drop in supply. The question for many French people during this period is to know what minimum wage is necessary to be able to achieve their real estate dream.
photo credit: Shutterstock Purchase of real estate.
Financial requirements for buying a house in France
In addition to requiring a minimum wage to purchase a home, many financial requirements are linked to it. Indeed, in addition to the purchase costs, many costs must be taken into account before acquiring real estate. Among these, we find notary and insurance fees, various taxes, initial deposit savings and even moving costs.
So, the question that all French people ask themselves is “what is the minimum salary required to buy a house in France? “. First of all, this figure has increased considerably in recent years, at the same time as the price of real estate in France. This minimum wage also varies a lot depending on the region and the type of accommodation desired. It is calculated by banks taking into account household income, monthly expenses, savings and interest rates. A financial contribution of around 10% of the price of the desired good is generally essential for obtaining a loan.
photo credit: Shutterstock Signing a document at the notary.
The minimum salary required to buy a house in France
The minimum salary required to buy a house in France can therefore vary enormously depending on the region and the type of property. The regions where the necessary salary is the lowest are Nièvre, Meuse and Creuse: a gross annual salary of between 24,000 and 26,000 euros per household is required to purchase a property of approximately 80 square meters. As for those who are the more expensivewe find, unsurprisingly, Île-de-France, the Provence-Alpes-Côte d’Azur region or even the Rhône-Alpes region with required salaries which can go up to 228,254 euros gross per year, depending on the HelloSafe study.
If the prices for buying a house remain very high, the real estate loan rates tend to decrease, announcing a potential exit from the real estate crisis. However, some gray areas remain before this crisis is completely a thing of the past: the supply of goods is still lower than demand and prices are still very high.
